Yesterday (Tue 20th Mar 2007, 9-20am GMT) I was confidently long on Cable at about 1.9470 with a decent stop loss at 1.9430 when suddenly (10 minutes before the news) a major sell off triggered my stop loss and I had to sit and endure the rapid and much anticipated good news hike. Of course it then proceeded to move up consistently, but once confidence is knocked it is difficult to get back into a trade even though you are convinced of the direction.
This is not a gripe about being stopped out, I should have allowed at least 10 pips more (newbie failing) - simply a question as to a) why did the price drop significantly before rapidly rising on the news at 9-30? and b) who moved the market? Was it major brokers flushing out amateurs like myself or banks and other institutions manipulating the situation for maximum profit.
Any thoughts?
This is not a gripe about being stopped out, I should have allowed at least 10 pips more (newbie failing) - simply a question as to a) why did the price drop significantly before rapidly rising on the news at 9-30? and b) who moved the market? Was it major brokers flushing out amateurs like myself or banks and other institutions manipulating the situation for maximum profit.
Any thoughts?